RSS FeedAviva Sees Improved Outlook for Asian Businesses Insurance News Net (press release)
Singapore-based Aviva Ltd. [085455] is seeing a strong return of consumer confidence across Asia, contributing to a better outlook for insurance business in 2010, according to Simon Machell, chief executive of Aviva Asia Pacific.
This year, the U.K.-based insurance group moved to enter Indonesia's life insurance market and to re-enter the nonlife business in Singapore.
Aviva is happy with its geographic footprint in Asia, said Machell. The Asian operation of Aviva plc [085909] has a presence in nine markets including China, Singapore, India, Hong Kong, Malaysia, Taiwan, South Korea, Sri Lanka and Indonesia.
The insurer said it currently has no desire to enter the market in Japan.
In Singapore, Aviva launched an online motor insurance business in April, marking its return to the nonlife market in Asia after selling its Asian nonlife business to Mitsui Sumitomo Insurance Co. Ltd. [090542] in 2005. An agreed five-years period of competition constraint with Mitsui Sumitomo's
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